Originally posted by PurpleGorilla
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
CUK Success Barometer: Retirement Survey
Collapse
X
-
-
Originally posted by SueEllen View PostThe poorer ones I see working in my local supermarkets, B&Q and delivering leaflets.“Brexit is having a wee in the middle of the room at a house party because nobody is talking to you, and then complaining about the smell.”Comment
-
Originally posted by PurpleGorilla View PostThis sounds great. I'd love that.
But (and I know I keep banging on about it) if you want a half decent house in the south west of England you are talking half a million quid. So even after a stocking deposit you are paying £2000 a month on a mortgage.
So how does the 'young up and coming' both work to live, AND get the fruits of their labour?
I'm all ears, because I clearly am doing something wrong (saving £25k / annum and going backwards).
Never had so much income but it always runs out at the moment. Latest extravagance is carting them all off to Florida Disney for 2 weeks in November.
Next years Rodders we will be millionaires!!Comment
-
Originally posted by PurpleGorilla View PostSo how does the 'young up and coming' both work to live, AND get the fruits of their labour?
It takes time, hard work, and no small amount of luck.Comment
-
Originally posted by clearedforlanding View PostYes, you are. You are saving £25k per annum. Invest it.
The idea is to make you money work for you, not the other way round.
Consider some "accelerated paths". My neighbour ****ed off to Qatar for 2 years with his wife & 2 kids. Had a bearable time. He now owns an apartment in Madrid's equivalent to Notting Hill mortgage free.
Another friend is SE UK did the same in Saudi. Compounds are not that bad and some can be great fun.
I'm not keen on investing in stocks right now, and BTL is not my thing either.
Now I've got a good wodge of cash - my thoughts are to invest the new money that comes in - in order things.Comment
-
Originally posted by clearedforlanding View PostYes, you are. You are saving £25k per annum. Invest it.
The idea is to make you money work for you, not the other way round.
Consider some "accelerated paths". My neighbour ****ed off to Qatar for 2 years with his wife & 2 kids. Had a bearable time. He now owns an apartment in Madrid's equivalent to Notting Hill mortgage free.
Another friend is SE UK did the same in Saudi. Compounds are not that bad and some can be great fun.
Buy a house in a decent area elsewhere and put it on rent. Don't over-stretch and don't buy a house you'd like to live in, but instead buy a house that is a good rental. Make sure the numbers work for you. The house will over time appreciate in value and you can either keep it for income or sell it to fund your own home purchase in the future.Comment
-
Originally posted by Chuck View PostSame as everyone who's gone before them - start small and build up. You don't get a 500k house as a first time buyer; you get a bedsit or a flat. Then you sell your flat and get a tiny box house, perhaps ex-council or on a tulipty identikit modern estate. You sell your box house and you buy a nicer house, perhaps on a hopefully up-and-coming side of town. You sell that house and you move up again. Repeat until you end up with more than you want or need then start to downsize. Then you pocket the cash.
It takes time, hard work, and no small amount of luck.
Also, when in the top 2% of earners in the UK, surely that should afford the top 2% in housing?Comment
-
Originally posted by PurpleGorilla View PostAm in a good position to try a few years overseas and keep my ears to the ground.
I'm not keen on investing in stocks right now, and BTL is not my thing either.
Now I've got a good wodge of cash - my thoughts are to invest the new money that comes in - in order things.Comment
-
Originally posted by PurpleGorilla View PostAm in a good position to try a few years overseas and keep my ears to the ground.
I'm not keen on investing in stocks right now, and BTL is not my thing either.
Now I've got a good wodge of cash - my thoughts are to invest the new money that comes in - in order things.
Contractors on three month contracts were always losing their deposits (landlords knew the cost of property lawyers in DE). I placed my income in renting a number of rental studios, installed Sky TV & ISDN - later ADSL, called up all the recruitment agencies to let them know and made a killing subletting the apartments.
The biggest investment you can make is in your financial acumen. Be creative. Take risks. Mitigate risks.
*Softened up now.Comment
-
Originally posted by clearedforlanding View PostThere are so many ways to diversify. When I got a 3 year gig in Germany renting an apartment was a hassle. 3 months deposit, Maklars (spelling)*.
Contractors on three month contracts were always losing their deposits (landlords knew the cost of property lawyers in DE). I placed my income in renting a number of rental studios, installed Sky TV & ISDN - later ADSL, called up all the recruitment agencies to let them know and made a killing subletting the apartments.
.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment